SHENZHEN, China, Jan. 10, 2019 /PRNewswire/ -- X Financial
(NYSE: XYF) (the "Company"), a leading technology-driven
personal finance company in China,
today announced that it has engaged Citic AIBank Corp. ("AIBank")
as its custodian bank, a significant step in X Financial's strategy
to strengthen trust and security in its platform. AIBank's
custodian services are now fully integrated within Xiaoying Wealth
Management's systems following two months of stringent testing
which involved more than 30 teams of over 270 engineers.
AIBank will provide fund custodian services including
settlement, accounting, clearing services and safeguarding online
lending capital to Xiaoying Wealth Management. To ensure security
and remain compliant with recent regulations, all borrower and
investor funds will be managed independently by AIBank once the
transfer of all custodian funds has been complete and IT systems
have been linked. Going forward, each investor and borrower must
create a separate custody account with AIBank to ensure that their
capital, repayments and interest are managed independently from X
Financial.
AIBank was founded as a direct banking joint venture in 2017 by
China Citic Bank Corp (601998.SS) and Baidu Inc. (NASDAQ: BIDU)
that leverages big data and artificial intelligence to offer
services over the internet instead of through physical branches.
AIBank was one of the first 25 banks to receive approval and be
whitelisted by the National Internet Finance Association as part of
the regulatory compliance inspection campaign launched by the
government in August 2018.
Mr. Justin Tang, Founder, Chief
Executive Officer, and Chairman of X Financial commented, "We are
excited to work with AIBank which was founded to focus on providing
direct banking services and explore opportunities in China's burgeoning fintech sector. AIBank is a
highly-respected institution that has developed cutting-edge
technology and algorithms that will further strengthen trust and
security in our online lending platform, provide significant
competitive advantages, and improve our overall competitiveness. I
look forward to building a long and fruitful relationship with
AIBank."
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading
technology-driven personal finance company in China focused on meeting the huge demand for
credit from individuals and small-to-medium-sized enterprise
owners. The Company's proprietary big data-driven risk control
system, WinSAFE, builds risk profiles of prospective borrowers
using a variety data-driven credit assessment methodology to
accurately evaluate a borrower's value, payment capability, payment
attitude and overall creditworthiness. X Financial has established
a strategic partnership with ZhongAn Online P&C Insurance Co.,
Ltd. in multiple areas of its business operations to directly
complement its cutting-edge risk management and credit assessment
capabilities. ZhongAn Online P&C Insurance Co., Ltd. provides
credit insurance on X Financial's investment products which
significantly enhances investor confidence and allows the Company
to attract a diversified and low-cost funding base from
individuals, enterprises and financial institutions to support its
growth. X Financial leverages financial technology to provide
convenient, efficient, and secure investment services to a wide
range of high-quality borrowers and mass affluent investors which
complements traditional financial institutions and helps to promote
the development of inclusive finance in China.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the credit industry, and marketplace lending in
particular, in China; the demand
for and market acceptance of its marketplace's products and
services; its ability to attract and retain borrowers and investors
on its marketplace; its relationships with its strategic
cooperation partners; competition in its industry; and relevant
government policies and regulations relating to the corporate
structure, business and industry. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
announcement is current as of the date of this announcement, and
the Company does not undertake any obligation to update such
information, except as required under applicable law.
For more information, please contact:
X Financial
Ms. Jennifer Zhang
E-mail: ir@xiaoying.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
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SOURCE X Financial